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As oil prices fell Aug 29, 1990 because of OPEC’s decision to boost production, investors bid bond and stock prices higher. The Dow Jones Industrial Average closed at 2632.43, up 17.58 points.
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Winans, Christopher
Full text: [Wall Street Journal] Aug 30, 1990
Investors bid bond and stock prices higher as oil prices tumbled on news that OPEC agreed to boost output. Also, market-buoying rumors circulated that Iraq had a plan for leaving Kuwait. The October futures contract for light crude oil fell $1.96 to $25.92, the lowest level in nearly three weeks. The Dow Jones Industrial Average, which stayed in a narrow range early in the session, gained 17.58 points to 2632.43 in sluggish trading. Long-term Treasury bond prices added 1 1/4 points, or $12.50 for each $1,000 face amount, also in light activity. The dollar ended mixed in an equally quiet currency market, with traders slimming their holdings in advance of the long weekend and U.S. economic data due out next week.
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By Christopher Winans
Full text: [Wall Street Journal] Aug 30, 1990
“We have experienced an approximate 150 percent increase in commitments to review worker’s compensation claims from our customers over the past 60 days, providing the highest backlog level from this area of our business in the company’s history,” he said. Pharmacy Management issued stock over the counter in April at $12 a share. It later climbed to $18 a share, but then an analyst’s negative report on controversy surrounding one of its back-pain treatments helped depress the stock price. A slumping market didn’t help, [Cecil S. Harrell] said. For the first nine months of fiscal 1990, ended April 30, the company’s sales were $39.17-million, a 66 percent increase from the previous year’s nine-month sales. Earnings for the first nine months of fiscal 1990 were $1.13-million, more than double the previous fiscal year’s nine-month earnings.
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DENISE L. AMOS
Full text: [St. Petersburg Times] Aug 30, 1990
Daryl Delano of Cahners Economics in Newton, Mass., said stock prices had continued to decline since the Iraqi invasion and, noting lackluster home sales, said building permits would remain a negative in the August report. One of the July components, orders for consumer goods, was unchanged. “Initial reports . . . indicate that the consumer’s first reaction to the Iraqi invasion was near panic,” said economist Mark Zandi of Regional Financial Associates in West Chester, Pa. Consumer spending represents two-thirds of the nation’s economic activity, and economists worry that a substantial cutback could halt economic growth and push the nation into recession.
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Full text: [Star Tribune] Aug 30, 1990
“”Essentially, it’s another indication of a slumping economy,” said David Jones, an economist with Au- brey G. Lanston & Co., a New York securities company. “”In all likelihood, it’ll be down sharply next month,” reflecting the oil price shock and uncertainty caused by the August 2 Iraqi invasion of Kuwait. Gordon Richards, an economist with the National Association of Manufacturers, said that while the July figures don’t point to a recession, “”the sharp rise in world oil prices has made a downturn almost inevitable.” Three successive declines in the index have often – but not always – signaled a recession in the past. Daryl Delano of Cahners Economics in Newton, Mass., said stock prices had continued to decline since the Iraqi invasion and, noting lackluster home sales, said building permits would remain a negative in the August report.
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Full text: [San Francisco Chronicle (pre-1997 Fulltext)] Aug 30, 1990
Stock prices closed sharply lower today as investors fled the market, wary of developments in the Persian Gulf and the inflationary implications of a renewed jump in oil prices. Home Shopping Network followed, up sharply. Wal-Mart was third, down sharply as retailers were weak amid fears of an imminent recession. Among the blue chips, General Electric and Philip Morris were lower in active trading. AT&T was down. IBM tumbled after announcing price hikes on some of its hardware and software products as of Jan. 1. American Express, Merck General Motors and Coca-Cola fell.
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Full text: [San Diego Tribune] Aug 30, 1990
In the profit announcement, Mr. [Robert Polansky] said the company was facing what he described as ”a slowdown of advertisers’ commitments for the second half of 1990,” which he said was in part the result of ”an unexpected reticence” of some advertisers to buy space on the company’s electronic signs, which hang from the ceilings above aisles in 2,662 supermarkets. In an interview yesterday, Mr. Polansky said it was only in the last few weeks that the company became aware of the extent of the second-half slowdown and it wanted to disclose the facts quickly. ”We felt the need to be very straightforward with the people who purchased our stock,” he said. ”These people are our partners.” He said revenues would be higher than $5.2 million in the next quarters, but declined to be more specific. Mr. [Alvin Krongard] said that such ”crash and burns” are ”part of the nature of the business” and should be expected occasionally. ”But for us,” he added ruefully, ”they all seemed to come together.”
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Norris, Floyd
Full text: [New York Times] Aug 30, 1990
”It’s uncanny,” said Peter G. Grennan, senior vice president of Shearson Lehman Brothers, ”that all of a sudden oil can have such a tight relationship with the stock market when we all know that there are many other factors that have an influence.” The odds have been ”disappointing,” however, in the last 11 years, according to the almanac, and Robert H. Stovall, president of Stovall/ Twenty-First Advisers, remarked, ”The market seems to be setting itself up for another Friday fainting spell.” Asked about new Government data showing that the economy seemed to be weakening, Joseph A. Feshbach, director of technical market analysis for Shearson Lehman Brothers, remarked: ”I don’t think anybody cares about that stuff right now. People are watching oil prices and the Middle East.”
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COLE, ROBERT J.
Full text: [New York Times] Aug 30, 1990
The SEC alleged that [Dale T. Jabour], a former director of accounting at MAI, purchased Prime call options after overhearing two MAI executives discuss the Tustin computer company’s planned takeover attempt for Prime in October, 1988. The SEC alleged that Jabour and [Winston M. Cheong] sold their Prime options three days after MAI publicly announced its bid for Prime. Jabour realized $21,800 in profits, and Cheong made $3,830. [Ronald Lee Thurman] sold his Prime options within two weeks and, because of a decline in the stock’s price, profited only $1,875, the SEC alleged. Bertrand Weidberg, MAI’s general counsel, said Jabour told MAI management in February, 1989, that he had purchased Prime options based on non-public information. He resigned weeks later. The company was unaware of Thurman and Cheong’s involvement “until literally hours before their resignation” in the past month, he said.
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CRISTINA LEE
Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 30, 1990
The SEC alleged that [Dale T. Jabour], a former director of accounting at MAI, purchased Prime call options after overhearing two MAI executives discuss the Tustin computer company’s planned takeover of Prime in October, 1988. The SEC alleged that Jabour and [Winston M. Cheong] sold their Prime options three days after MAI publicly announced its bid for Prime. Jabour realized $21,800 in profits and Cheong made $3,830. [Ronald Lee Thurman] sold his Prime options within two weeks and, because of a decline in the stock’s price, profited only $1,875, the SEC alleged. Bertrand Weidberg, MAI’s general counsel, said Jabour told MAI management in February, 1989, that he had purchased Prime options based on non-public information, and then resigned weeks later. The company was unaware of Thurman and Cheong’s involvement “until literally hours before their resignation” within the past month, he said.
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CRISTINA LEE
Full text: [Los Angeles Times (pre-1997 Fulltext)] Aug 30, 1990
Randon Samelson skipped another annual meeting Wednesday of Stoneridge Resources Inc., but the reclusive chief executive couldn’t dodge criticism from his shareholders. Samelson’s absence dominated discussion at the long-delayed meeting of the Bloomfield Hills-based natural resources conglomerate that has struggled financially for the past three years. “It is outrageous that Randy Samelson is not at this meeting,” said Gordon Wood, a stockholder and retired Detroit lawyer. “He can’t give me the guff that he’s so busy working for our benefit that he can’t take the time to come.” (excerpt)
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Vlasic, Bill
Full text: [Detroit News] Aug 30, 1990
The major credit rating agencies give Chrysler Corp.’s corporate bonds an investment-grade rating, but the No. 3 automaker’s bonds are trading no better than junk on Wall Street. To encourage wary traders to buy Chrysler’s bonds, the market has pushed the rate of the retum on the company’s bonds up to the levels of junk bonds – considered high risks by investors and therefore requiring higher yields. Yields on Chrysler bonds are now ranging from 12.67 percent to 13.75 percent. That’s up more than 2 percentage points in the past month and it’s more than 3 points above the face value of the bonds. (excerpt)
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Naughton, Keith
Full text: [Detroit News] Aug 30, 1990
Stock prices closed higher Wednesday after a steep drop in oil prices sparked a rally in the bond market, a sign that inflation worries are cooling. “The crude oil price broke, and the bonds, as a consequence, went crazy,” said Bear, Stearns & Co. analyst Jack Solomon. Bonds rose on the assumption that lower inflationary pressures would allow the Federal Reserve to lower interest rates to keep the economy moving. The prospect of lower prices triggered firmness in the Treasury bond market, sparking a one-point jump in the price of the benchmark 30-year bond, which lowered the yield to 8.94 percent from 9.05 percent Tuesday. As bond prices rise, their yield falls.
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Chicago Tribune wires
Full text: [Chicago Tribune (pre-1997 Fulltext)] Aug 30, 1990
The Somerset Group Inc. (OTC:SOMR) announced today that an agreement has been reached for the repurchase of 100,000 shares of the company’s common stock at a per share price of $7.695. After careful study by the board of directors and a review of the transaction by an independent investment securities firm, the board of directors approved the purchase of 100,000 shares of common stock from four shareholders, including Nora McKinney Hiatt, a director of the company. The shares will be held in the treasury and used to fund stock option programs, company contributions to employee savings programs, and future acquisitions. (excerpt)
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Richter, Joseph M.
Full text: [Business Wire] Aug 30, 1990
Nearly two years after MAI Basic Four Inc. attempted a hostile takeover of Prime Computer Inc. of Natick, three former MAI employees have been charged with insider trading. The Securities and Exchange Commission filed a complaint in federal court in California charging that Dale T. Jabour, Ronald Lee Thurman and Winston M. Cheong bought call options in Prime after learning that MAI was considering a bid for the company. Call options give an investor the right to buy stock at a set price in the future. Investors purchase call options when they think a stock price is going to increase. (excerpt)
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Fitz Simon, Jane
Full text: [Boston Globe] Aug 30, 1990
Negative contributors were: faster business delivery times, a decline in the money supply, a drop in manufacturers’ unfilled orders, a shorter average work week, a drop in building permits, an increase in weekly unemployment claims and a decline in the stock market. Daryl Delano of Cahners Economics in Newton, Mass., said stock prices had continued to decline since the Iraqi invasion and, noting lackluster home sales, said building permits would remain a negative in the August report.
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Associated Press
Full text: [Boston Globe (pre-1997 Fulltext)] Aug 30, 1990
Sierra Tucson, an operator of treatment centers for drug abusers and people with mental disorders, lost 4 3/4 to 7 1/2 after lowering its sights on this year’s earnings. The company went public less than a year ago for $12 a share. While Sierra Tucson was the worst hit OTC stock yesterday, it joins a growing list of stocks with short track records that have been dealt devasting blows by nervous investors in recent weeks. Tony Cecin, director of equity trading at Piper Jaffray & Hopwood, says Nasdaq dealer stock inventories are the lowest that he has seen them in 10 years. That means OTC market makers aren’t willing to hold stock for long, and any shares for sale will drive the stock price lower until a buyer is found.
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Smith, Craig S
Full text: [Wall Street Journal] Aug 31, 1990
Tokyo stock prices finished sharply higher Thursday, reflecting a perception by participants that the discount rate boost in the morning was a positive factor for the market as it eliminated long-existing concerns about the timing of the action. As buying centering on speculative shares gradually spread to blue-chip issues, Tokyo stock prices moved up strongly late in the afternoon session, helped by dealer and corporate buying, traders said. The Nikkei index of 225 selected issues was up 775.17 points at 25669.96. The index lost 815.97 points Wednesday.
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Full text: [Wall Street Journal] Aug 31, 1990
The complaint, filed in Los Angeles Superior Court, claims Allergan could lose millions of dollars as a result of several stockholder class actions. These actions were filed against Allergan after its stock price dropped last September in the wake of an announcement that sales would not grow as previously expected.
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Full text: [Wall Street Journal] Aug 31, 1990
Phillips Petroleum was accused of selling gasoline to its independent distributors in Florida at a higher wholesale price than the retail price charged at its company-operated stations, State Attorney General Bob Butterworth said. Butterworth requested an immediate injunction to halt the alleged price-discrimination practices. TCBY Enterprises, the Little Rock, Ark.-based frozen yogurt franchiser, is the subject of a lawsuit by a shareholder who accuses top management of securities fraud and misrepresentation. Kenneth Irvine, the New Jersey investor who filed the suit, contends TCBY inflated stock prices by making false and misleading statements and by concealing adverse information about TCBY’s finances. Kellogg filed a federal lawsuit against the Texas attorney general’s office for trying to force the company to change the labeling on its controversial psyllium-based cereal Heartwise. The cereal maker last week sued the Iowa attorney general’s office, contending it has harassed the company for two years over health claims on several of its products.
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Full text: [The Washington Post (pre-1997 Fulltext)] Aug 31, 1990